Regulation FD Disclosure (Form 8-K)

As previously disclosed, Warner Bros. Discovery, Inc., a Delaware corporation ("WBD"), Paramount Skydance Corporation, a Delaware corporation ("PSKY"), and Prince Sub Inc., a Delaware corporation and wholly owned subsidiary of PSKY ("Merger Sub"), entered into an Agreement and Plan of Merger on February 27, 2026, pursuant to which, and subject to the terms and conditions therein, at the effective time of the Merger, Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY (the "Merger").

In connection with the Merger, on June 20, 2026, at 12:00 a.m., Eastern Time, the statutory waiting period under section 123(1)(b) of the Competition Act (Canada) in respect of the Merger expired. The expiration of this waiting period means there is no statutory impediment in Canada under the Competition Act (Canada) to closing the Merger.

In addition, on June 19, 2026, the Competition Commission of South Africa approved the Merger.

The completion of the Merger remains subject to certain other conditions, including regulatory clearance in other relevant jurisdictions.

PSKY continues to engage constructively with antitrust enforcers and other regulators around the world to secure regulatory clearances and approvals necessary for the Merger.